The Stockholders’ Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock ( 6% , $100 par, cumulative, 800 authorized) $720,000 Common Stock ( $3 par, 1,500,000 authorized) 1,080,000 APIC – Preferred Stock 108,000 APIC – Common Stock 840,000 Retained Earnings 936,000 Treasury Stock – Common ( $9 cost) 54,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders’ equity: March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $252,000 and the stock was selling for $11 per share. April 17: Sold 1,800 shares of Treasury Stock – Common for $12 per share. November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,600. December 31: Determine that net income for the year was $555,600. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. Determine the dividend for each class of stock: Select one: a. Preferred: $86,400 Common: $76,800 b. Preferred: $86,400 Common: $75,800 c. Preferred: $43,200 Common: $75,800 d. Preferred: $86,400 Common: $77,808 e. Preferred: $43,200 Common: $76,100
The
$720,000 | |
Common Stock ( $3 par, 1,500,000 authorized) | 1,080,000 |
APIC – Preferred Stock | 108,000 |
APIC – Common Stock | 840,000 |
936,000 | |
54,000 |
During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders’ equity:
March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $252,000 and the stock was selling for $11 per share.
April 17: Sold 1,800 shares of Treasury Stock – Common for $12 per share.
November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,600.
December 31: Determine that net income for the year was $555,600. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears.
Determine the dividend for each class of stock:
Preferred: | $86,400 |
Common: | $76,800 |
Preferred: | $86,400 |
Common: | $75,800 |
Preferred: | $43,200 |
Common: | $75,800 |
Preferred: | $86,400 |
Common: | $77,808 |
Preferred: | $43,200 |
Common: | $76,100 |
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